EquityPandit’s Outlook for NIFTY ENERGY for the week (Mar 18, 2019 – Mar 22, 2019) :
NIFTY ENERGY Index closed the week on positive note gaining +693.65 Points (+4.52%).
Weekly High: 16219.50
Weekly Low: 15253.10
Weekly Close: 16046.20
Index trading near to all-time highs placed at 16360.50, if index sustains above 16360.50 levels we may see huge buying attraction in energy index, Technically on the daily charts we see minor support on the downside for index lies at 15400- 15500 levels, whereas minor resistance on the upside is capped around 16400-16500 levels.
If Nifty ENERGY index breaches minor support on the downside and closes below it we may see fresh break down and index can drag index towards major support on lower side around 15000-15100 and if breaches minor resistance on the upside and closes above it we may see fresh breakout and index can head towards higher levels around 16800-16900
Currently Nifty ENERGY index is trading above 200 days exponential moving average suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 16800-16900 on upside and 15000-15100 on downside.